by Michael Hogberg EA | Oct 29, 2024 | Federal Tax, Updates
As the end of the year approaches, business owners may find themselves tempted to hold off on tax planning until tax preparation season. But waiting until it’s time to file returns is a mistake that often proves costly. Strategic planning throughout the year,...
by Michael Hogberg EA | Oct 22, 2024 | Federal Tax, Updates
If you’ve received IRS Letter 11, the Final Notice of Intent to Levy, the IRS is preparing to take serious action to collect unpaid taxes. This letter is a clear warning that your wages, bank accounts, or other assets may be levied (seized) if you don’t act fast....
by Michael Hogberg EA | Oct 15, 2024 | Enforcement Updates, Federal Tax, Updates
Properly classifying workers, withholding the correct taxes, and timely filing and paying employment taxes are fundamental responsibilities for any business owner. Failing to do so can lead to serious legal consequences, as evidenced by a recent IRS Criminal...
by Michael Hogberg EA | Oct 8, 2024 | Federal Tax, Updates
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep records that support an item of income, deduction, or credit shown on your tax return until the period of limitations for that...
by Michael Hogberg EA | Sep 4, 2024 | Federal Tax, Updates
In an era where cybercriminals are becoming increasingly sophisticated, safeguarding personal and financial information is essential for every taxpayer. The IRS has introduced several tools to help protect taxpayers from identity theft and fraud, one of which is the...
by Michael Hogberg EA | Aug 28, 2024 | Federal Tax, Updates
As businesses continue to navigate the financial relief options made available during the COVID-19 pandemic, the IRS has recently issued a new set of warnings regarding incorrect claims for the Employee Retention Credit (ERC). This pandemic-era credit was designed to...